Overview

Bank of China provides a $88 million USD loan for the Justice Avenue Tower Refinancing Project

Commitments (Constant USD, 2023)$81,148,464

Commitment Year•2021Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 1, 2021

Geospatial footprint

Map overview

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The proceeds were to be used to refinance Justice Avenue Tower, a mixed-use development at 88-08 Justice Avenue consisting of a 85,000-square foot leasable space in the community-facility section at the base of a 18-story tower with 183 condominium units in Elmhurst, Queens, New York City, New York. Its address is 88-18 Justice Ave, Elmhurst, NY 11373. More detailed locational information can be found at https://www.openstreetmap.org/way/329779763

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

Private Sector

United Construction and Development Group Corp. (UCDG)

Loan description

Bank of China provides a $88 million USD loan for the Justice Avenue Tower Refinancing Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In June 2021, the Bank of China (BOC) entered into a $88 million USD loan agreement with United Construction and Development Group Corp. (UCDG) — a real estate developer based in Corona, Queens, New York City founded and managed by Chris Jiashu Xu, a Chinese immigrant to the United States — for the Justice Avenue Tower Refinancing Project. The proceeds were to be used to refinance Justice Avenue Tower, a mixed-use development at 88-08 Justice Avenue consisting of a 85,000-square foot leasable space in the community-facility section at the base of a 18-story tower with 183 condominium units in Elmhurst, Queens, New York City, New York. The tower was build in 2017.

Staff comments

1. It is plausible, if not likely, that the specific borrowing institution was a subsidiary of United Construction and Development Group Corp., possibly the building's owner Justice Ave Tower LLC.